A downtown owner sold to a neighboring developer the unused space above a one-story building so the developer could build higher without acquiring the roof itself. What interest was most directly conveyed?
Correct Answer
B) Air rights that can be separated from the surface estate
Air rights are the rights in the usable space above land and can, in many situations, be conveyed separately from the surface ownership. The owner transferred vertical development potential without selling the building itself.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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